NEW YORK, Oct. 24, 2013 /PRNewswire/ -- Pomerantz
Grossman Hufford Dahlstrom & Gross LLP is investigating claims
on behalf of investors of Washington Banking Company ("Washington
Banking" or the "Company") (NASDAQ: WBCO) (ISIN: US9373031056)
(CUSIP: 937303105) concerning the proposed acquisition of
Washington Banking by Heritage Financial Corporation
("Heritage").
The investigation concerns whether the Washington Banking
directors are breaching their fiduciary duties by failing to
adequately shop the Company and maximize shareholder value.
Under the terms of the merger agreement, Washington
Banking shareholders will receive 0.89000 shares of Heritage common
stock and $2.75 in cash for each
share of Washington Banking common stock. Based on the closing
price of Heritage common stock of $15.89 on October 23,
2013, the consideration value per share for Washington
Banking was $16.89. However,
the price to EBIT, Book Value, and Revenues multiples are below the
averages of comparable transactions.
Washington Banking shareholders seeking more information about
this acquisition are advised to contact Robert Willoughby at rswilloughby@pomlaw.com or
212-661-1100 or 888-476-6529, ext. 237.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San
Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 75 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of defrauded
investors. See www.pomerantzlaw.com.
CONTACT:
Robert
Willoughby
Pomerantz Grossman Hufford Dahlstrom
& Gross LLP
212-661-1100 ext. 237
rswilloughby@pomlaw.com
SOURCE Pomerantz Grossman Hufford
Dahlstrom & Gross LLP
